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Ayush and herbal products exports register 3.6% growth in 2023-24
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Gireesh Babu, New Delhi
May 04 , 2024
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India's export of Ayush and herbal products has reported a growth of 3.6 per cent during the fiscal year 2023-24, at $651.17 million as compared to the same period of previous year, registering a below-five per cent growth for the second consecutive year.
The country reported exports of 10.63 crore kilograms of Ayush and herbal products during 2023-24, as compared to 12.25 crore kilograms of exports during the previous year. In terms of value, it has gone up from $628.54 million in 2022-23, according to data from the Directorate General of Commercial Intelligence and Statistics (DGCI&S). The year 2022-23 registered a growth of 2.68 per cent in exports, from $612.12 million in the previous year.
The country has seen exports shooting up in two years during the fiscal years 2020-21 and 2021-22, before reporting a lower growth rate, according to official data. During 2020-21, the sector registered a growth of 26.12 per cent growth in exports, to $539.88 million from $428.08 million exports reported during the previous year. The exports then reported a growth of 13.38 per cent in 2021-22, at $612.12 million, says data from the Centre.
It may be noted that the growth in terms of exports also were the years when the world went through the Covid-19 pandemic. The Ministry of Ayush has earlier claimed that the consumption of Ayush products, especially for health and wellness, has gone up during the time of the pandemic. The government also took initiatives to promote the systems of medicine with emphasis on its impact on improving the immunity and health of the users.
The total Ayush export of India is around $1.54 billion (Rs. 11,400 crore), said the Ministry of Ayush in its recent report on the progress of the sector from 2014-2024. Presently, Ayurveda is recognized as a system of Traditional Medicine in more than 30 countries and Ayush and Herbal products or medicines are exported to more than 150 countries, says.
The herbal pharmaceutical or medicament sector constituted 35.2% of Ayush exports in 2020, while the extracts and nutraceuticals sector shared around 22% export share each in the total, whereas medicinal and aromatic plant recorded 19.9% export share, said Invest India, the National Investment Promotion and Facilitation Agency. India exports Ayush products to markets such as the USA, Nepal, Russia, Philippines, UAE, Kenya, Germany, Vietnam, China, Italy, the UK, Western Europe, Japan, Hong Kong etc,.
The Ayush sector has grown 17% year on year between 2014 and 2020. The market size of the industry stands at $18.1 billion from $2.85 billion in 2014, clocking a phenomenal growth of almost 6 times. The sector is likely to generate nearly 3 million job opportunities, it said.
Share of sub-sectors in Ayush market size are herbal plants (43.35%), nutraceuticals (24.65%), pharmaceuticals (14.11%), cosmeceuticals (8.37%), plant derivatives (5.14%) and plant extracts (4.39%). The sector of herbal medicine grew at the rate of 7.4 % per annum during 2014-20. Various sub-sectors, particularly, the herbal pharmaceutical sector expanded at the rate of 18.5 % during the same period with the market share of 14.1 % in 2020, added the agency.
The Ministry of Ayush has established Ayush Export Promotion Council (AYUSHEXCIL) to promote Ayush products and services globally by the Ministry of Ayush and supported by the Union Ministry of Commerce. It was officially launched at Global Ayush Investment and Innovation Summit held in Gandhinagar, Gujarat on April 20, 2022, and aimed to oversee exports of products of Ayurveda, Homoeopathy, Siddha, Sowa/Rigpa and Unani systems and address trade issues pertaining to these sectors.
| Ayush & Herbal Products Exports | | Year | Exports (in US$ mn) | Growth Rate (%) | | 2019-20 | 428.08 | 4.46 | | 2020-21 | 539.88 | 26.12 | | 2021-22 | 612.12 | 13.38 | | 2022-23 | 628.54 | 2.68 | | 2023-24 | 651.17 | 3.6 | | | | | | | | Sources: DGCI&S, Rajya Sabha |
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